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  • Wanted & Recommendations

    Interest only residential mortgage

    Tried quite a lot of mtge brokers and no one can seem to get me an interest only mortgage on own home.

    I believe the following is enough for a mtge bkr to be able to get a mtge in principle.

    Male 56, no dependents, single. Absolutely top credit score. Last SA302 - £27500. All income from rental income. Home is £510,000 with no mortgage . No credit card or car loan debts. I want to raise £125,000 interest only on home to use as a BTL deposit.

    If you know you can get this, please message me. I'm not interested in filing out 30 page forms initially as I know mtge brokers can initially work with above info for now.  Thanks

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    I don't really see what the problem should be? Have you got an email address I can get in touch with you on? Maybe we need a quick chat to see where we stand.

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    Financial Consultant working with Property Tribes Financial Services.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@hdconsultants.net

    I know HSBC require a £100k salary as a minimum for a interest only mortgage on a residence.

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    Hello

    It might be worth looking at Leek Building Society. Interest only residential mortgages (obviously you'll need to go through an Intermediary).

    1.79% variable for 2 years (their standard variable rate minus 3.40% discount).

    https://www.leekunited.co.uk/intermediar...rest-only/

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    Hello David

    The answer is "yes" but it is a challenge. I know several lenders that could meet your needs.

    Why don't you give me a call or message me. We can have an informal chat and see how we can take this forward.


    Thanks


    Sunny

    Mortgage and Insurance Broker

    ssandhu@tokenmortgages.co.uk


    All opinions are my own and without prejudice. They do not reflect those of my business or any associations. No comment made

    should be taken as legal advice and you should consult a solicitor or other legal professional for advice on your specific situation.

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    David, the issue is a mortgage on your home means a regulated mortgage and lenders need to ensure you can make the payments including the repayment. Therefore you need a good strategy of how you are going to repay the mortgage.

    There are loads of lenders and being based in London, I see lots of borrowing needing interest only as the property prices are so high.

    Give me a call if you need help but as I said this should not be a problem per se just a relatively small hurdle to overcome.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022


    Hi David

    I would speak to Kevin Dunks from No 1 Mortgages, they have an office in shoreham - 01273 736536

    We enquired about IO mortgage on a residential recently and he found us one.

    Best

    Damian


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